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IRDAI constitutes two task force groups on reinsurance support issues
12-Jul-22   09:14 Hrs IST

The regulator has set up two task forces to examine the issues faced by the non-life and life insurance industries in support of reinsurance. IRDAI said that the two will have to submit their report in three weeks.

Reinsurance support refers to insurance companies transferring a portion of the risk they underwrite to other companies. The task force for the non-life insurance sector has nine members and will be headed by Bhargav Dasgupta, MD&CEO, ICICI Lombard General Insurance.

The terms of reference for the task force include issues discussed by industry players with Irdai at the recently concluded bi-monthly meeting with top officials of general insurance companies.

Among the major issues raised were commissions under the obligatory cession do not reflect industry cost structure and profit commission methodology, cession cap on cross-border reinsurers, domestic treaty participation for insurers, reinsurance support on social insurance schemes such as Pradhan Mantri Suraksha Bima Yojana, and others, introductions of emerging risk transfer solutions, and faster settlement and payment digital mechanism (exchange) among the reinsurers and cross border insurers, among others.

For the life insurance industry, a seven-member task force has been constituted under the chairmanship of Naveen Tahiliani, MD&CEO of TATA AIA Life Insurance Company.

The terms of reference for the task force include studying issues such as stabilisaiton of reinsurance rates, concerns with respect to delay in quotes by reinsurers, capacity constraints per life with reinsurers, provision of facultative reinsurance support, securitization of mortality risk, and reinsurance support for social insurance schemes such as Pradhan Mantri Jeevan Jyoti Bima Yojana among others.
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